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NFIP bill awaits Obamas signature

WASHINGTON (9/27/10)—The House late last week approved legislation that would extend the National Flood Insurance Plan (NFIP) until Sept. 30, 2011. The NFIP legislation passed the Senate last week. The legislation will now move on to be signed by President Barack Obama. The NFIP lapsed for a period of time, beginning on June 1, but was restored in early July when H.R. 5569 was signed into law. The NFIP is now set to expire on Sept. 30. Legislation that would reauthorize the NFIP program until Sept. 30, 2015, and improve the program by adding a Flood Insurance Advocate and raising the maximum coverage limits, passed the House in July. A Senate vote has not been scheduled. The NFIP is important to credit unions because the mortgages they write for properties in a floodplain are required to have flood insurance.